Broker USI acquires Wells Fargo’s commercial insurance business

USI Insurance Services (USI) said on June 27 that it has entered into an agreement with Wells Fargo & Company to purchase Wells Fargo Insurance Services USA.

The deal includes Wells Fargo's insurance brokerage and consulting, employee benefits and property/casualty national practices, along with Safehold Special Risk, small business insurance, student insurance, individual health and private risk management insurance business lines.

The transaction is expected to close in the fourth quarter of 2017.

Michael Sicard, chairman and CEO, USI Insurance Services, said: "This is a transformational transaction for both USI and Wells Fargo Insurance. Together, we create a premier industry leader with an un-matched team of exceptional sales consultants, account executives, technical resources and team members. We share a common culture and values, including a focus on delivering a truly different and better set of solutions with bottom line impact. [...] Together, we bring a full suite of distinctive property & casualty, employee benefit, personal risk and retirement solutions, to middle market, large corporate, small business and individuals. We are excited to join together with our new partners, and create an exciting, new home for our existing and future team members who want to be a part of a fast growing, innovating industry leader."

The financial terms of the deal were not disclosed by the companies.

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